Forex Technical Analysis: Trend potential – Sell Gbp upon a bounce from 1.3461.

GBPUSD – Flat
Sell Gbp upon a bounce from 1.3461.
Technical Observation:
A key 4 hour resistance line can be seen at 1.3461. Unless the price clearly breaks above this line, with a big green candle, I’m waiting for a bounce from this line, 1.3461 to pick a short position with my first take profit at 1.3233. Should the price break above it, then I’ll wait for a retracement to the just broken line to buy Gbp with my first take profit at 1.3599 and the next take profit at 1.3920. As it is on the 4 hour chart, expect an upward rally towards 1.3461.
Technical Levels
Resistance levels
R1: 1.3433
R2: 1.3486
R3: 1.3583
Pivot
1.3388
Support Levels
S1: 1.3194
S2: 1.3292
S3: 1.3335
Trade Signal
Sell Gbp upon a bounce from 1.3461.

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